noun;
1) similar to Watergate, a scandal involving the bassist from Fall Out Boy, Pete Wentz, and his half naked pictures taken by his Sidekick that were leaked onto the internet; credit goes to the livejournal community ohnotheydidnt for breaking this story
2) can also be used as a group of people: peengaters; sometimes refered to as peensters
3) sometimes regarded to as one of the best things to ever happen in internet history